Power Generation Equipment Market By Product Type, By Manufacturers, By End-User And Market Trend Analysis Forecast 2033

Power generation equipment is defined as electrical machinery apparatus used in the generation of electric power. Power transmission equipment helps to transfer energy from its source to a location where it can be used for any activity. Power control equipment is defined as devices that restrict or regulate steady-state currents.

Jul 26, 2024 - 10:48

Power Generation Equipment Market By Product Type, By Manufacturers, By End-User And Market Trend Analysis Forecast 2033

Overview and Scope
Power generation equipment is defined as electrical machinery apparatus used in the generation of electric power. Power transmission equipment helps to transfer energy from its source to a location where it can be used for any activity. Power control equipment is defined as devices that restrict or regulate steady-state currents.

Sizing and Forecast
The power generation, transmission and control equipment market size has grown strongly in recent years. It will grow from $554.3 billion in 2023 to $583.66 billion in 2024 at a compound annual growth rate (CAGR) of 5.3%. The growth in the historic period can be attributed to growth in industrialization, grid expansion, rural electrification programs, nuclear power development, government incentives.

The power generation, transmission and control equipment market size is expected to see steady growth in the next few years. It will grow to $697.58 billion in 2028 at a compound annual growth rate (CAGR) of 4.6%. The growth in the forecast period can be attributed to growing decentralized energy systems, electric vehicle charging infrastructure, resilience planning, economic growth, demand for smart appliances. Major trends in the forecast period include digitalization and industry 4.0, cybersecurity for critical infrastructure, hybrid power systems, artificial intelligence (ai) in grid management, carbon capture and storages.

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The power generation, transmission and control equipment market covered in this report is segmented –

1) By Type: Transformer, Electric Motor And Generator, Switchgear And Switchboard Apparatus, Relay And Industrial Controls
2) By Application: Residential, Commercial, Automotive, Other Applications
3) By End User Sector: Private, Public

Subsegments Covered: Low Power Transformers (100 MVA to 500 MVA), Medium Power Transformers (501 MVA to 800 MVA), High Power Transformers (801 MVA to 1200 MVA), Electric Motors, Electric Generators, Switchboard, Switchgear, Relays, Industrial Controls

Asia-Pacific was the largest region in the power generation, transmission and control equipment market in 2023. Western Europe was the second largest region in the power generation, transmission and control equipment market. The regions covered in the power generation, transmission and control equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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Major Driver Impacting Market Growth
The rising demand for electricity is expected to propel the growth of the power generation, transmission, and control equipment market going forward. Electricity is a form of energy resulting from the existence of charged particles (such as electrons or protons), either statically as an accumulation of charge or dynamically as a current of electrons. Electricity demand attracts investments, spur innovation, and lead to the development of more advanced and efficient technologies, and further encourages research and development efforts to improve the efficiency and reliability of power generation, transmission, and control equipment. For instance, in August 2023, according to Exxon Mobil Corporation, a US-based natural gas company, electricity demand would rise by 1.8%-year, accounting for roughly 50% of this industry by the year 2050. Therefore, rising electricity demand is driving the growth of the power generation, transmission, and control equipment market .

Key Industry Players
Major companies operating in the power generation, transmission and control equipment market report are Hitachi Ltd., Siemens AG, General Electric Company, Caterpillar Inc., Hanwha Group, Schneider Electric SE, Mitsubishi Electric Corp., Honeywell International Inc., Mitsubishi Heavy Industries Ltd., ABB Ltd., Toshiba Corporation, Cummins Inc., Legrand S.A., Eaton Corporation, Larsen & Toubro Limited, Alstom SA, Nidec Corp., Rolls-Royce Holdings plc, Emerson Electric Co., Amphenol Corp., Kawasaki Heavy Industries Ltd., Rockwell Automation Inc., Fuji Electric Co. Ltd., Wärtsilä Corporation, Bharat Forge Limited, Bharat Heavy Electricals Limited, Bharat Electronics Limited, Crompton Greaves Ltd., Doosan Heavy Industries & Construction Co. Ltd.

The power generation, transmission and control equipment market report table of contents includes:

1. Executive Summary

2. Power Generation, Transmission And Control Equipment Market Characteristics

3. Power Generation, Transmission And Control Equipment Product/Service Analysis -Product/Service Examples

4. Power Generation, Transmission And Control Equipment Market Trends And Strategies
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68. Global Power Generation, Transmission And Control Equipment Market Competitive Benchmarking

69. Global Power Generation, Transmission And Control Equipment Market Competitive Dashboard

70. Key Mergers And Acquisitions In The Power Generation, Transmission And Control Equipment Market

71. Power Generation, Transmission And Control Equipment Market Future Outlook and Potential Analysis

72. Appendix

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